SEC Filings

20-F
WNS (HOLDINGS) LTD filed this Form 20-F on 05/16/2018
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Table of Contents

The following table shows our cash flows for fiscal 2018, 2017 and 2016:

 

     Year ended March 31,  
     2018      2017      2016  
     (US dollars in millions)  

Net cash provided by operating activities

   $ 136.3      $ 92.1      $ 102.9  

Net cash used in investing activities

   $ (43.6    $ (131.3    $ (30.1

Net cash (used in)/provided by financing activities

   $ (66.0    $ 61.6      $ (55.2

Cash Flows from Operating Activities

Net cash provided by operating activities increased to $136.3 million for fiscal 2018 from $92.1 million for fiscal 2017. The increase in net cash provided by operating activities was attributable to an increase in profit as adjusted for non–cash and other items by $52.6 million, an increase in interest received by $1.3 million and a decrease in taxes paid by $2.2 million, which was partially offset by an increase in outflow on account of working capital changes by $8.7 million and an increase in interest paid by $3.3 million.

The net profit as adjusted for non-cash and other items, primarily comprised the following: (i) profit of $86.4 million for fiscal 2018 as compared to $37.8 million for fiscal 2017; (ii) unrealized exchange loss of $2.7 million for fiscal 2018 as compared to an unrealized exchange gain of $11.1 million for fiscal 2017; (iii) share-based compensation expense of $30.6 million for fiscal 2018 as compared to $23.0 million for fiscal 2017; (iv) unrealized loss on derivative instruments of $5.3 million for fiscal 2018 as compared to an unrealized exchange gain of $1.9 million on derivative instruments for fiscal 2017; (v) interest expense of $3.8 million for fiscal 2018 as compared to $0.5 million for fiscal 2017; (vi) income tax expense (current tax and deferred tax) of $15.4 million for fiscal 2018 as compared to $17.5 million for fiscal 2017; (vii) depreciation and amortization expense of $35.5 million for fiscal 2018 as compared to $37.4 million for fiscal 2017; (viii) impairment of goodwill of $Nil for fiscal 2018 as compared to $21.7 million for fiscal 2017; (ix) interest income of $3.7 million for fiscal 2018 as compared to $2.1 million for fiscal 2017; (x) dividend income of $3.6 million for fiscal 2018 as compared to $4.1 million for fiscal 2017; and (xi) reversal of contingent consideration of $1.3 million for fiscal 2018 as compared to $Nil for fiscal 2017.

Cash outflow on account of working capital changes was $7.4 million for fiscal 2018 as compared to a cash inflow of $1.2 million for fiscal 2017. This was primarily on account of an increase in cash outflow due to higher trade receivables and unbilled revenue by $14.8 million, an increase in cash outflow due to lower deferred revenue by $4.9 million, and an increase in cash outflow due to higher other assets by $2.1 million, partially offset by a decrease in cash outflow towards trade payables by $6.2 million and other liabilities by $6.8 million.

Net cash provided by operating activities decreased to $92.1 million for fiscal 2017 from $102.9 million for fiscal 2016. The decrease in net cash provided by operating activities was attributable to a decrease in profit as adjusted for non-cash related items by $17.6 million and an increase in taxes paid by $7.0 million, which was partially offset by a decrease in outflow on account of working capital changes by $12.9 million, an increase in interest received by $0.8 million and a decrease in interest paid by $0.1 million.

The net profit as adjusted for non-cash related items, primarily comprised the following: (i) profit of $37.8 million for fiscal 2017 as compared to $59.9 million for fiscal 2016; (ii) unrealized exchange gain of $11.1 million for fiscal 2017 as compared to an unrealized exchange loss of $4.0 million for fiscal 2016; (iii) deferred tax credit of $8.2 million for fiscal 2017 as compared to a deferred tax expense of $1.6 million for fiscal 2016; (iv) income tax expense of $25.8 million for fiscal 2017 as compared to $19.6 million for fiscal 2016; (v) share-based compensation expense of $23.0 million for fiscal 2017 as compared to $17.9 million for fiscal 2016; (vi) impairment of goodwill of $21.7 million for fiscal 2017 as compared to $Nil for fiscal 2016; and (vii) depreciation and amortization expense of $37.4 million for fiscal 2017 as compared to $40.6 million for fiscal 2016.

Cash inflow on account of working capital changes was $1.2 million for fiscal 2017 as compared to a cash outflow of $11.7 million for fiscal 2016. This was primarily on account of a decrease in cash outflow due to lower current assets by $7.0 million, a decrease in cash outflow due to lower trade receivables and unbilled revenue by $4.1 million, an increase in cash inflow due to higher deferred revenue by $3.4 million, partially offset by an increase in cash outflow towards trade payable by $1.9 million.

 

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